Standard Deduction For 2024 Tax Year

Standard Deduction For 2024 Tax Year. The standard deduction limit has been increased to rs 75,000 under the new tax regime. (for the 2023 tax year, the limit for dependents claimed on someone else’s tax return was.

For 2024, the limit is $1,300 or your earned income, plus $450, whichever is greater. Now, both central and state government employees can deduct up to 14% of employer.